how are cheques cleared by the banks
Answers
The clearing process Starts with the deposit of a cheque/other clearing instruments in bank 1. ... The said cheque/other clearing instruments is then passed for payment to the beneficiary customer in bank 2. The cheques that are unpaid are returned to the presenting bank through another clearing called the Return Clearing.
The clearing process commences with the depositing cheque in a bank. Then the cheque is presented to the bank or the branch where the cheque bearer has its account. The cheque is transferred for a mortgage if the supplies are accessible and the banker is supplied with the genuineness of the apparatus.
The unpaid cheques are delivered to the bank through another clearance called the Return Clearing. The consummation of the funds happens after the conclusion of return clearance and by the nonexistence of an unpaid cheque.